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Is the UK insolvency regime equipped for the current political and economic...
An effective and well-equipped insolvency and restructuring regime gives confidence to investors and financiers, enabling credit to flow through to businesses and boost economic activity, growth and...
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Tax abuse and insolvency – an HMRC consultation
HM Revenue & Customs (“HMRC”) has issued a consultation entitled “Tax Abuse and Insolvency: A Discussion Document” on how it proposes to confront those who misuse insolvency law as a means of...
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Employees – why they may be out of a job and out of pocket on corporate failures
It is no great surprise that following the collapse of Carillion and with other retail businesses teetering on the edge, insolvency and corporate recovery is back in the news. Some of the biggest...
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Professional firms – in the fee firing line again
In the last week we have seen MPs criticise accountancy firms, KPMG, Deloitte, EY and PWC in their first report on the collapse of Carillion, describing the big four as “a cosy club” and calling for...
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Future EU Regulation proposed to address conflicts of law on the assignment...
On 12 March 2018 the European Commission published a proposal for a Regulation to govern the law applicable to the third-party effects of assignments of claims (the “Assignment Regulation”). The...
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Government proposes legislation to enhance UK insolvency regime
On 26 August, the Government announced that it will be making changes to UK insolvency legislation. The changes are intended to support distressed companies and address issues highlighted by major...
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HMRC, Insolvency and Post-Budget Preferential Status
Following the Enterprise Act 2002, the preferential status which HMRC had enjoyed in an insolvency was abolished, rendering HMRC the same as any other unsecured creditor. The effect of this was to...
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UK: Managing Distressed Customer Relationships
What should you do if another business (i.e. a supplier, customer or other contract counterparty) is suffering distress and may be considering filing for insolvency? This alert provides several “do’s”...
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Have UK Insolvency Practitioners Lost the Protection of Release Clauses?
In the third (and final) of our blog series on recent CVA cases, in Rhino Enterprises Properties Ltd & Anor [2020] EWHC 2370 (Ch), the High Court gave permission for misfeasance proceedings to be...
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Small suppliers no longer sheltered from the UK “ipso facto” regime
Last year, the Corporate Insolvency and Governance Act 2020 made a number of changes to the UK insolvency landscape. Amongst the changes, was the addition of the “ipso facto” regime, which prevents...
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